Approaching on 31 December, the time of the close of the fiscal year in Europe and, in the case that you operate in the international market, you may need to translate your statements into several languages. Fiscal year usually understand 12 months around the world, but there are some differences. Did you know that the United States fiscal year goes from October to October? In the United Kingdom and many countries of the old Commonwealth, the period is from April to April and in Australia, New Zealand and Pakistan from July to July. Very diverse, right? There are still more differences:
An accounting expert knows the procedure from memory, but for many people, even many translators, the accounting and the annual accounts are an unknown subject, leading to the danger of underestimating the difficulty of translation. As in the majority of specialized materials, a translator must have knowledge of which translates to understand it and interpret it correctly and then play it in the target language. So, then, we give four strokes of what are the annual accounts.
Tips for translating accounts. Do I need a translation agency?
In our society the globalized, increasingly there are companies seeking to translate its accounting. The most common cases respond to legal needs, but there are also companies that are committed to financial transparency as a principle of trust and quality. And if everything that we mentioned before, that applies according to Spanish law, it is already difficult in itself, the difficulty multiplies when we must adapt to the legal requirements of other countries.
Translate accounts assumed a great responsibility, so we recommend to go to a specialized in this type of document translation agency. Here are some tips and issues to keep in mind to choose the most appropriate agency:
Question whether the translation company follows and meets the standards of the international of financial reporting standards (IFRS).Intertext we are aware of this regulation, which establishes the basis for present accounting information in a way that is accepted by a large number of countries around the world, regardless of language.
Ensure that the Agency has sufficient experience in the sector to ensure optimal results.An expert in accounting documents translation agency, always collaborates with translators and reviewers who have a background in accounting, pay attention to the figures and are familiar with international standards, different models of Standardized nomenclature of the accounts and accounting plans. The economic and legal consequences of a mistranslation can be serious!
Informed about privacy policies.Given the nature of these reports, most translation agencies apply protocols to ensure confidentiality and data protection, but is more to ask and gain peace of mind.
Don't wait until the last minute to order a translation of accounts.Being a relevant document, should allow a reasonable period of time translators so they can make the order without rushing. Any work done with time and revised in depth will be of higher quality than other made with a tight deadline.
When you order, ask for a review.This type of translation requires to be methodical and attentive to details. It is of vital importance that the concepts are wrong and, above all, that the figures are correct and remain in the appropriate box. You don't skimp neither time nor money, any error can get very expensive.
Avail of discounts by repeating that applies your Trust Agency.A professional translation company has a memory customized for each client, allowing you to reuse already made translations. Given that financial reports are very similar from one year to another, they can apply discounts by similarity of content.